VANCOUVER, BC--(Marketwire - Jan 9, 2013) - Exeter Resource Corporation (NYSE-MKT:XRA,
TSX:XRC, Frankfurt:EXB - "Exeter" or the "Company") is pleased to
announce the
commencement of water drilling for its Caspiche gold-copper project
located in
northern Chile. The drilling campaign is taking place at Cuenca One, one
of two
water exploration tenements owned by the Company. The estimated cost
of the
drilling program is CAD$1.3 million.

The objective of the drilling program is to identify and evaluate water
sources
capable of meeting the needs of both the heap leach stage and the
follow-on
sulphide stage of a potential mine development at Caspiche. Two
water
exploration holes were drilled in 2012 at Cuenca One. The first
hole was
abandoned due to poor drilling conditions and the second was
prematurely
terminated at a depth of 250m within "damp gravels", well above the
targeted
depth of the hole. The termination of the drilling program last year was
due to
the onset of winter weather conditions.

Given that major alpine reservoirs in the region are typically located at
depths
of some 500m and the fact that "damp gravels" were encountered at
shallower
depths in earlier drilling, the Company is optimistic that water
will be
encountered in the current program.

Exeter is also conducting a preliminary evaluation of a second water
exploration
tenement which was recently granted to the Company. In addition, as
previously
reported, Exeter continues to investigate the Rio Peñas Blancas and
Rio Aguas
Dulces areas, where the Company has an option over granted surface water
rights
that total 300 litres a second from river flows into Laguna Verde.

About Exeter

Exeter is a Canadian mineral exploration company focused on the
exploration and
development of the Caspiche project in Chile. The project is situated
in the
Maricunga gold district, between the Maricunga mine (Kinross Gold Corp.)
and the
Cerro Casale gold-copper deposit (Barrick Gold Corp. and Kinross Gold
Corp.).
The Company is also evaluating new opportunities with the objective of
securing
properties which offer near term discovery potential.

The Caspiche gold-copper discovery represents one of the largest
mineral
discoveries made in Chile in recent years. Exeter has completed
pre-feasibility studies that demonstrate the potential for
commercializing this world class
discovery. The Company currently has cash reserves of CAD$55 million
and no
debt.

Safe Harbour Statement - This news release contains
"forward-looking
information" and "forward-looking statements" (together, the
"forward-looking
statements") within the meaning of applicable securities laws and the
United
States Private Securities Litigation Reform Act of 1995, including in
relation
to the Company's belief as to the extent and timing of its drilling
programs,
various studies including pre-feasibility studies, engineering,
environmental,
infrastructure and other studies, and exploration results, budgets
for its
exploration programs, the potential tonnage, grades and content of
deposits,
timing, establishment and extent of resources estimates, potential for
financing
its activities, potential production from and viability of its
properties,
availability of water, power, surface rights and other resources,
permitting
submission and timing, potential to acquire new projects and expected
cash
reserves. These forward-looking statements are made as of the date of this
news
release. Readers are cautioned not to place undue reliance on
forward-looking
statements, as there can be no assurance that the future circumstances,
outcomes
or results anticipated in or implied by such forward-looking statements
will
occur or that plans, intentions or expectations upon which the
forward-looking
statements are based will occur. While the Company has based these
forward-looking statements on its expectations about future events as at
the date that
such statements were prepared, the statements are not a guarantee that
such
future events will occur and are subject to risks, uncertainties,
assumptions
and other factors which could cause events or outcomes to differ materially
from
those expressed or implied by such forward-looking statements. Such
factors and
assumptions include, among others, the effects of general economic
conditions,
the price of gold, silver and copper, changing foreign exchange
rates and
actions by government authorities, uncertainties associated with
negotiations
and misjudgments in the course of preparing forward-looking
information. In
addition, there are known and unknown risk factors which could
cause the
Company's actual results, performance or achievements to differ materially
from
any future results, performance or achievements expressed or implied
by the
forward-looking statements. Known risk factors include risks associated
with
project development; including risks associated with the failure to
satisfy the
requirements of the Company's agreement with Anglo American on its
Caspiche
project which could result in loss of title; the need for additional
financing;
operational risks associated with mining and mineral processing;
fluctuations in
metal prices; title matters; uncertainties and risks related to
carrying on
business in foreign countries; environmental liability claims and
insurance;
reliance on key personnel; the potential for conflicts of interest among
certain
officers, directors or promoters of the Company with certain other
projects; the
absence of dividends; currency fluctuations; competition; dilution;
the
volatility of the Company's common share price and volume; tax
consequences to
U.S. investors; and other risks and uncertainties, including those
described in
the Company's Annual Information Form for the financial year ended
December
31, 2011 dated March 30, 2012 filed with the Canadian Securities
Administrators
and available at www.sedar.com. Although the Company has attempted to
identify
important factors that could cause actual actions, events or results to
differ
materially from those described in forward-looking statements, there
may be
other factors that cause actions, events or results not to be as
anticipated,
estimated or intended. There can be no assurance that forward-looking
statements
will prove to be accurate, as actual results and future events could
differ
materially from those anticipated in such statements. Accordingly,
readers
should not place undue reliance on forward-looking statements. The
Company is
under no obligation to update or alter any forward-looking statements
except as
required under applicable securities laws.

Cautionary Note to United States Investors - The information contained
herein
and incorporated by reference herein has been prepared in accordance
with the
requirements of Canadian securities laws, which differ from the
requirements of
United States securities laws. In particular, the term "resource"
does not
equate to the term "reserve". The Securities Exchange Commission's (the
"SEC")
disclosure standards normally do not permit the inclusion of
information
concerning "measured mineral resources", "indicated mineral
resources" or
"inferred mineral resources" or other descriptions of the
amount of
mineralization in mineral deposits that do not constitute "reserves" by
U.S.
standards, unless such information is required to be disclosed by the law
of the
Company's jurisdiction of incorporation or of a jurisdiction in
which its
securities are traded. U.S. investors should also understand that
"inferred
mineral resources" have a great amount of uncertainty as to their
existence and
great uncertainty as to their economic and legal feasibility.
Disclosure of
"contained ounces" is permitted disclosure under Canadian regulations;
however,
the SEC normally only permits issuers to report mineralization that
does not
constitute "reserves" by SEC standards as in place tonnage and grade
without
reference to unit measures.

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DEFINED IN
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ACCURACY OF
THIS NEWS RELEASE

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